Free Trial

(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Executive Summary:

  • Main Policy Rate unchanged at 0.50%, alongside MNI expectations
  • Bank gave greenlight for next hike in March
  • Wages, waning infection rates expected to contribute to higher underlying inflation ahead
Full piece here:

MNINBRevJan22.pdfMNI Point of View

The Norges Bank kept the main policy rate unchanged at 0.50% in January, alongside the guidance published in December and inline with market expectations. As was the case at the last meeting, the bank name-checked March as the next most likely rate rise, giving the greenlight to further tightening across this year. This feeds into expectations that the Norges Bank will follow through with a rate hike at each policy report meeting (March, June, September, December) this year, leaving rates at 1.50% at year-end. This suggests there are significant upside risks to the front-end of the path projections going forward.

The bank’s policy statement was broadly inline with the communication issued in December last year in identifying COVID as a rolling risk to the policy outlook. Although, the bank acknowledged the omicron variant appears less virulent relative to prior virus waves, and strengthened their language around wage formation and prices. The bank stated that the committee “was also concerned with the risk of a potential rise in domestic price and wage inflation due to capacity constraints and persistent global price pressures.”

MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.